Bitcoin lows pierce $63K as Asia chip-stock crash spreads to Wall Street
Bitcoin fell to a 10-day low at the Wall Street open as a broad sell-off in US and Asian technology stocks hit risk assets. Semiconductor names led the decline: South Korea’s KOSPI dropped 10.8% after heavy losses in SK Hynix, Japan’s Kioxia fell sharply, and US chip stocks such as Micron also sank, pulling the Nasdaq lower. The rout reflects growing investor doubt about the sustainability of massive AI infrastructure spending by major hyperscalers, amid concerns that returns may not justify soaring capex. Competition from lower-cost Chinese AI models is adding to that pressure. BTC/USD briefly fell below $63,000, and crypto markets saw more than $510 million in long liquidations over 24 hours. Analysts had warned that a drop below the mid-$64,000 area could trigger a larger liquidation cascade.
